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Subscribe to RSSWhen it comes to foreigners looking to plant roots in the United States, Florida is the hot spot, especially among Cubans, Haitians and Colombians.
The Sunshine State is the most popular among foreign home buyers with 31 percent of all home purchases made there coming from foreign residents, according to a study by Credit Sesame, an online credit and loan management firm, that used National Association of Realtors’ data.
Foreign buyers represented $82 billion of the U.S. real estate market in 2010, while in 2009 they represented only $66 billion.
Click on the arrow below to explore the map:
Map courtesy of CreditSesame.com. Click here to find mortgage rates based on your complete financial profile.
“Housing is more affordable than ever,” said Susan Wachter, professor of real estate and finance at The Wharton School, University of Pennsylvania. “It’s difficult to get credit now but international investors come with cash.”
Foreign homebuyers, she added, also see the United States as a good investment bet. “In this period of tremendous uncertainly globally, real estate here is a safe haven,” she maintained.
Home ownership seems to have become more important, or affordable, to foreign-born residents than U.S. citizens, according to the Credit Sesame report. “Nearly 80 percent of foreign-born U.S. residents owned a home in 2009, according to the National Association of Realtors. The national homeownership rate at that time was 65.4 percent (it is currently 66.3 percent).”
Our neighbor to the South, Mexico, is the top country where foreigners come from to buy U.S. homes.
Here’s a rundown of the states where many foreigners are buying homes:
• California comes in second behind Florida with 12 percent of all home purchases made by foreigners with most coming from Mexico, the Philippines, China, India, and Vietnam.
• Texas is No. 3 with 9 percent of home purchases attributed to foreign residents. The most homebuyers came from Mexico, India, Vietnam, China and the Philippines.
• Arizona is the fourth biggest market for foreign investors with 6 percent of all purchases coming from out-of-country buyers. Mexico, Iraq and India, were among the most likely to buy homes there.
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Foreign investors from booming South American economies have money to spend in the US because their governments let them access their natural resources and don't crush small business with 100,000 pages of job killing regualtions per year WHEN these conditions change in the US real estate investments by American citizens will take off. Is it any concidence MOST real estate purchases, and related jobs and growth take place in Florida, a ZERO INCOME TAX jurisdiction?
The housing market is just great for the rich in general.
Banks and Wall Street frauds cause millions to lose their jobs and end up in foreclosure and then they use our "legal" system to go about stealing peoples houses so they can sell them cheap to their rich cronies.
Such a wonderful system we have.
The corporations who rule our lives are basically not American ...why should the landlords be?
Rather amazing that they talk about the home ownership disparity as though foreign born have hardship buying homes when it is native born that have the hardship.
How long has the home ownership disparity existed that works against native born I wonder.
Another piece of real estate propaganda funded by he NAR to bolster the domestic real estate market. The news that foreign investors are buying up American real estate was cleverly published in BusinessWeek as late as 2006 in an attempt to prolong the housing bubble. It failed. The bubble burst anyway. And once again, the NAR is searching for another trick in its bag of deception.
Domestic real estate prices will continue to decline despite actions by the Federal government and the Federal Reserve to save the WallSt FatCats' real estate porfolios by artificially supporting bubble housing prices.
There's no economic recovery or jobs because the so called "Stimulus" money, several trillions worth, went to the bailout the WallSt FatCats rather than putting Americans back to work.
You can thank the GOP Tea-ReTards & the 1% fatcats For this problem, "W" destroyed this Country. They call this Conservative Value.
The foreign buyers who buy in the American market are RICH PEOPLE (or institutional buyers - insurance companies, pensions, REITs, foundations, etc.). Given the relatively high cost of living in the U.S., only the wealthy from foreign countries can afford to come here and buy real estate.
All of those people you see coming to the U.S. to buy stuff are NOT "middle class" in their home countries.
This is more proof that America has become the land for spoiled brats - no matter where you come from.
For those of you who have not noticed, this is how we actually end up paying for all those cheap imported products we Americans have been buying over the last 2-3 decades. The foreign sellers of those products end up owning our country. A simple fact of economics.
Thank the limp-wristed, mouth breathing, knuckle-dragging, Liberal TeaBaggee's* for wanting their Shangri-La of "Homes by NINJA" (No Income, No Job, No Asset).
This is just more of the delusional thinking by the never-ending bleeding hearts as they strive for their "level-playing-field" that can never exist. Unless of course you are willing to work hard, be successful and then just let the elitists decide that they can spend your money better than you can.
The Liberal mind is a dark and pitiful place filled with envy, anger, racism, bias and dependency. It's lack of ambition and motivation has created the collapse we are all now paying for. Yet the unwashed and illiterate masses like the OWS still believe that social and economic justice is somehow attainable.
Hopefully these are just the few refugee's from the 60's and 70's who fueled the nonsense that Progressivism and its unsustainable nanny-state could ever exist.
* “teabaggee” is the one who accepts the bag from the teabaggers. You can find a more descriptive definition here, urbandictionary.com/define.php?term=teabaggee
There's no economic recovery or jobs because what was fueling the economy before was tons on plastic credit cards.
Everyone was encouraged to go shopping, to spend money like crazy, or else the terrorists would win. Everyone was in such a hurry to get their McMansions, at stupidly low interest rates, that they were willing to buy cheap, questionable wallboard and other materials from China, and were willing to use cheap, undocumented labor for their homes, while they found new ways to use their "savings" on buying more stuff.
That roaring economy was a dream, one in which money flowed like water. It's not coming back folks; welcome to reality.
ElkMeadow, you are spot on! The real irony is that we continue to add to credit card debt and the deficit on a daily basis. Both are increasing dramatically, and yet, we are told that the economy, housing, and hiring improved in the last quarter of 2011, so things are on the upswing. In the old USSR, they called it propaganda. A credit based economy simply cannot sustain itself, but most people don't believe that either. Americans should understand that a "home" was meant to be a place where individuals could raise their families and develop a sense of community. Sadly, they morphed into a commodity that you could flip for whatever price the public was willing to pay and the government was willing to sponsor, but that is no different than what the oil companies are currently doing. They just manage to kill their competition by buying up patents, companies and stock and shut those businesses down, which is precisely how Mitt Romney made his millions. It has now become the American way.
I bought and paid for my house over 20 years ago, and it is now appraised at over three times what I paid for it, which is absurd. Logically, how can something that deteriorates over time be worth more than what you paid for it. People routinely condemn and belittle the "old" days, but they are convinced, when it comes to housing, that we will very soon return to those same times. Realistically, how can any sane individual believe such ideologies. We are all living in a faith based economy based on credit. Americans had better start educating themselves concerning their future. This decline was predicted, and it will come to fruition.
So foreigners are buying homes in our depressed housing markets. That means they're giving their money to American sellers, which in turn props up the real estate market somewhat. If the market continues to fall, as seems likely, it's the foreigners left holding the bag, not us. I don't see a downside to this.
FatCatGets$700Bil wrote "Another piece of real estate propaganda funded by he NAR to bolster the domestic real estate market. "
Correct. The real news is that the housing industry is in decline. Since US investors aren't buying, the NAR believes that foreign investors can be bilked. I watched Chinese and Indian investors pay $450K+ for tiny plots of land with 4 tiny bedrooms. If they were bilked in the 2000s, they will be bilked again.
The only things more promising to foreign investors than real estate are politicians thanks to groups like the Chamber of Commerce. Thanks again for Citizens United, US Supreme Court...
Of course it is. Our government gives them all our money to buy these properties with. Maybe the government should start handing out 100's of billions to the American people for a change so they can afford a home to live in.
It is also a great way for some people to launder money.
I'm in TX and we don't have income tax. The only jobs "booming" here are minimum pay or otherwise low pay opportunities.
Why are we letting foreign investors come in and buy up our real estate? Can we ( Americans) go anywhere else in the world and buy property without many, many restriction? What the heck is this country doing by not protecting ALL of our resources...just like EVERY other country does?
All of this just makes less and less sense to me.
We let foreigners to buy our property because we are trying to sell them to a greater fool at inflated prices. The prices you see around today are bubble prices that were inflated by decades of borrowing. Entire nation borrowed non-stop for decades, inflated the money supply with debt. Now the pay back time has arrived for all of us. But there is no buyer around who can afford our prices. So comes in the suckers from foreign lands... As usual they are late to the party. Boomers will dump their property to them. Then foreigners will keep paying property tax for properties that detoriate in physical shape and depreciate in price. Google for "Housing bubble kondratieff wave" to understand the housing problem.
Rico...I'm in Texas too....the first error you make is the jobs thing...I suppose if you have no skills, dropped out of your free and fair public school and have no communications skills you would only qualify for a minimum wage jobs...for those with higher qualifications the better paying jobs are there based on their skill level.
As for Foreign investors coming in and buying "our" real estate? So how much of that do "you" actually own? If a buyer came to you with cash...would you ask where they were from? More to the point if they met the financial obligation wish cash you could not tell them no because you would be discriminating. That is against the law...you cannot refuse to sell your home to a foreign national who could well afford to live there based on their country of origin.
We can go to other places but probably would resist buying for the same reason these folks are coming here. We (Americans) can purchase property in the UK, Costa Rica, the Dominican, Canada etc. Some areas are better bets than others. We lived in the UK for a time and considered buying a home until we realized how cut throat their housing market is with some very different rules than we have.
Personally, I have many neighbors that are or were foreign nationals...Venezuela, UK, India, Nigeria, Saudi, Indonesia, New York...etc They are pretty good neighbors when you get to know them. The biggest issue are for those who don't deal with dogs for religious or cultural reasons. Beyond that they are very good neighbors...yards are kept, neighborhood is very social...saves on the cost of beer and wine in lieu of juice for some. Saves on the cost of beef in lieu of a larger vegetarian fare less beef and chicken more veg and grain. All in all it is very interesting and well no worries about violent outbreaks from the crazy neighbors...there just aren't any...well there was one but, she moved away after the divorce....well before she tried to burn down the ex's house....but then she was an All American girl...
Actually we can do just that! Watch a few shows of "House hunters international" people are buying property all over the world.
We have millions of properties to work through, foreigners are doing us a big favor by lowering the inventory. It is infinitely better than bulldozing them down.
Any person that wants to take a class and pass a state real estate test can get a licence to sell the largest investment that most peoplee make in a lifetime... I've bought five houses in my life and dealing with uneducated, greedy, self serving realtor's have always annoyed me... When your selling they want you to give the place away so that they get a commission... when your buying it just the same in reverse....
State Board of Realtors is a JOKE... It's there to protect the salesmen and their commission, it's not there to protect buyer or seller... The selling and buying of property needs to change in this country as well as the financing of home loans...
there has been plenty of properties sold to non natives over the years close to where i live,great ocean front land that the owner could no longer afford the taxes on.the buyers are american and they enjoy the cool summer and come with some money in their pockets
Okay TXmom here is the Texas Workforce site. Go to it and select browse jobs and you figure it out. Every high salary job I found was either for the government or one of the universities. Look at all the jobs considered blue collar. Now you tell me about the jobs in Texas.
http://www.twc.state.tx.us/customers/jsemp/job-search.html
Now about buying homes in the UK. Is this why you gave up your search?
As a foreigner, you should have no trouble buying property once your financial status has been confirmed (meaning that you have to have cash because as a noncitizen you can't take out a loan.). However, owning property in the U.K. does not mean you can stay in the U.K. Getting a resident visa is an entirely different and unrelated matter.
This is also interesting about the UK:
Culture: English 81.5% ; Scottish 9.6% ; Irish 2.4% ; Welsh 1.9% ; Ulster 1.8% ; West Indian, Indian, Pakistani, and other 2.8%
Want to live in Canada? Here you go:
Immigration to Canada based on the skilled worker category, is a very popular visa programme and is intended for people with high levels of skills and experience. Canadian immigration also includes a special visa category for business immigrants. Citizenship and Immigration Canada, the Canadian Government's Immigration Department, also allows the province of Quebec to select immigrants.
TXmom.....quit talking smack. Your Republican roots are showing when you out and out lie or just tell half the truth.
Rico,
Texans are good at lying, Ask George W Bush about weapons of mass destruction in Iraq, and how Tax cuts for the rich create jobs??????????
I'm low pay and never worked harder in my life, not so much about people's image but results from plain work which reminds me I have to get to work. Half of all real estate sales in California are to investors, economy seems improving, 92% do have jobs and have money for bargains. Europe is not as solid as it was with France and Spain likely getting downgraded credit they say pretty soon, borrowed too much like Greece. England seems smart to me, they cut government when income is bad. This election may decide on our own country's borrowing habits which is serious issue, idea of stimulus dates back 50 years, Keynesian.
Rico...consider the source...you are on the States TWC work site...pickup a paper or look on the internet...stop relying on the Government to do your work for you.....
No that is not why we didn't even bother....In the UK you can go through the entire process, invest $$$$$ in the purchasing process toward inspections, surveys etc just to have the contract yanked for a higher price from another buyer at closing....saw it happen several times. Not worth the energy for a 3-5 stint in a foreign country.
Rico...I would suggest that you take a bit of personal responsibility and find a job on your own... stop looking for the easy way up. There are many companies that will hire at a fair wage...but then you will probably be required to have some sort of skill, be trainable or pass a drug test...
TXmom in typical Republican fashion you twist everything to meet your unsubstantiated talking point. The TX Workforce site is a very good example of jobs available in Texas. It covers the entire state and includes jobs from every spectrum. Rather than me doing all the work why don't YOU post all the high paying positions you are talking about? I'll be checking in to see THAT list.
Rather than working so hard at trying to discredit me (which is very unbecoming) why don't you further educate yourself about an American buying property in other countries. Your experience in the UK shows that it isn't quite as easy to do as it is here. And you only told half the story...I filled in parts of the rest. There's more should you actually research it. And why limit yourself to the countries we are connected to. Tell me about China, Russia, India, Mexico, South Africa ...you know the people purchasing our real estate. Waiting to see that list of restrictions (or lack of) also.
By the way....I'm not looking for a job. Retired from a career with a private pension and actually doing quite well. TYVM Now you on the other hand could probably benefit from finding those high paying positions you are trying to tell me about and leave behind this crappy job you have as being a poser on here getting paid .81cents for each skewed piece of rubbish you leave behind. Of course that's IF you qualify.
I won't hold my breath waiting for either list but it's time to put up or shut up...why oh why do I think this post will be the last one on the subject?
rico...It is a reasonable representation of moderate to low skill to no skill jobs that most anyone should be able to qualify for or State or Government jobs...It is certainly not representative of the tech or professional job market....If you are using that as your solo benchmark then you are being disingenuous.
Companies and industries to check...
Texas has a very large tech base Dell, Compaq, Texas Instruments etc.
A variety of energy companies: Halliburton, Chevron, Shell,Saudi Aramco, Schlumberger at various levels of the pay spectrum based on education and ability.
Medical industry Memorial Herman Health Care, Methodist Health Care System, etc.at all levels of the pay spectrum based on education and ability.
I could go on but then that just wouldn't encourage anyone else to actually think. In stead of expecting the good jobs to be logged into the States data base job seekers should be checking directly with companies in their field of interest.
It really didn't take much to discredit you regarding international property purchases.
What would be the point who would really wish to purchase property in any of those places....the nationals of those countries are doing crazy things just to get out and get to America...Why would it be worth the time to explore the real estate opportunities in shi$ holes. I should exclude South Africa from that statement because I understand it is a beautiful country...although unrest in the country would preclude interest from moving there.
Oh my are you seriously that threatened by me that you would need to thrash about insults because I proved you were trying to stack the deck on the internet to cry poor for our State? So .81 a post...where do I collect my check? I suppose I could increase my take if I posted made up stuff in short blurbs instead of taking the time to research the subject matter.
As for me working...when it is time that I can shift from full time mom and I get a handle on managing the health issue I don't think I will have a difficult time finding a job...our area of the State is growing...as are some others. I also have two different internationals that I have worked for in the past and left on very good terms. I have a degree from a well respected Private University, a very strong work history, a strong work ethic, I am generally personable and I excel at problem solving. So please Rico don't loose sleep over my situation.
I'm sorry....I can't take the time to read your story up there. Please just post the job annoucements of these big salaried positions we supposedly have here. By the way your talking we have them in ample numbers so post me ohhhh say 10 or 15 (and that's for a population of 26 million so 10 or 15 shouldn't be a problem).....I'm waitingggggggggggg
This post is in regard to the posts below. The article was sketchy on exactly who these foreign investors are. Are they people living here after having gone through the legal immigration process? Are they foreign investors with no plan of living here? Just exactly who are these people?
There's a reason other countries have laws regarding foreigners by their country piece by piece. Think about it.
Want to buy in Viet Nam...which by the way is beautiful and on an economic upswing? Here you go:
www.holidaylettings.co.ukonline advertising for home owners abroad
Holiday home insurance from intasure - Click Here UK insurance for your property overseas
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Buying a Property in Vietnam
Why buy property in Vietnam?
The idea of buying property in Vietnam seems like it could be a step too far for many UK overseas property buyers. In many ways, the country is so far away on the other side of the world, that it is almost as if it is only being seen as a property and economic hotspot because everywhere else has been mentioned.
After all, the country was ravaged by years of fierce fighting, and has remained in a volatile position ever since. However, with recent law changes allowing certain foreigners to buy certain properties, an open forum for development and an expanding economy, Vietnam has many advantages. And all of this is without considering the 3,400 km of coastline.
In addition to the booming economy and the gorgeous coast, Vietnam is emerging as a trading and tourism centre in ways in which we do not hear about here in Europe. The coastal resorts are popular with tourists from Australia and New Zealand, while the country has opened up to international trade, allowing more multinational companies to enter the market in Vietnam on an equal footing with local companies.
Popular buying locations
Extending 1,650 km north to south, Vietnam is only 50 km across at its narrowest point. Home to more than 86 million people, it is a huge country, but the majority continue to live simple and often poverty-stricken lives. Vietnam is mostly low-lying, and should there be a significant rise in global sea levels in coming years, much of the south of the country would be in danger of severe flooding. While much of the population remains in the countryside, the development of cities like Hanoi has long been watched with interest in the region. Ho Chi Minh City has grown to accommodate more than eight million people, and is still developing with new tunnels and bridges across the river to link the various city districts.
Hanoi has had much the same story – rapid development of infrastructure to deal with the growing population with disposable income to spend. At the same time, the business community has grown to help the levels of money in the cities continue to grow, and as the government has lifted the restrictions on how many foreigners are allowed to work in a business, which brings a different perspective and atmosphere to the city.
With the growth in the population and the way in which the wealth is distributed, there has been a rapid development in the Vietnamese economy, and any recent issues that have blighted the reputation of the economy seem to be abating slightly. Vietnam had an explosion of growth in the early part of this century – GDP and exports took off in a huge way and without proper controls in the form of interest rates, inflation ballooned. While this has begun to relax a little, the current rate of inflation of 25 per cent will take some years to get down to a more manageable single-digit level.
The temptation for panic seems to have been resisted among the business and private community, and there is predicted to be a period of consolidation. High inflation is something to be expected in emerging markets, and is not a reason for investors to be diving for cover. Food and oil prices have risen across the world, which has taken the sting out all but the most remarkably immune markets. No collapse in the Vietnam economy is predicted – the market is strong and the doom and gloom is unlikely to materialise.
Demand for property in the two major cities – Ho Chi Minh City and Hanoi – remains strong, and although there is currently some consolidation going on with developers and investors, the properties that are coming onto the market will not be enough to cover demands in the coming years. In Ho Chi Minh City, some new 38,000 properties are due to be delivered to market by 2011, which will not be enough in a city that has a rapidly developing infrastructure.
The properties that have already been delivered to market in Vietnam’s cities have been of the higher-end variety. With predictions that only around 10-20 per cent of the population currently have the means to buy their own property, it is expected that developers will begin to build more mid-level developments. This will allow more growth in the market from the bottom upwards and bring property ownership to more people in the city, while at the same time maintaining a healthy rental market for those who are able to get in early and buy to let.
While the economy has slowed the growth of the country to a certain extent, rising construction costs of have slowed the building of new developments, meaning that the market has remained strong. The situation has not arrived where there are thousands of units arriving on the market with no confidence in the economy among local investors. While there are not the queues for new apartments that were seen in 2007, new developments are still over-subscribed, and with the change in the property laws coming in 2009, foreigners will be supplementing the numbers of buyers and creating more demand.
Legal issues
Following the boom in property buying that resulted in the queues to reserve off-plan developments, and what was a somewhat relaxed attitude from developers to building schedules and deadlines, the Vietnamese government established a strong legal framework for the property industry. In addition, the government has changed the law to allow certain foreign investors fulfilling pre-defined criteria to buy condo apartments from 2009, eliminating the need for buyers to go through forming an official joint venture in order to buy property.
The first piece of real estate regulation is known as Decree 153, and relates to the funding of projects that are sold off-plan. Previously, it had been known for developers to take payments for project that had not even broken ground, and for the completion dates and staged deadlines to be completely ignored along the way. The Decree has now set up a framework for this type of development, meaning that developers can only take initial payments for projects once work has begun. In the case of residential developments, the first payments can only be taken when work has been completed on the foundations.
In addition, the rest of the funding for the project must be transparent, and available for investors to examine when requested. The details of commercial loans must be specified in the contract for the purpose of pursuing compensation should the contract be breached by the developer during the build.
Perhaps the most important of the clauses concerns the late delivery of projects to the investors. It was previously common practice for developers to finish projects up to 18 months or two years behind schedule, with no financial penalty structure in place. This meant that private investors have lost out on the potential rental income they would have budgeted for, with no recourse to reclaim those monies. The Decree has instituted a series of late delivery penalties that are levied on the basis of the total monies invested, designed to protect the growing number of international investors in Vietnamese property.
The law allowing foreigner investors to buy their own property in Vietnam is known as Circular 13. While it is a significant step in allowing the purchase of property by foreigners, the law goes further in setting down a legal framework for the buying and selling of property across the country. For example, the law states that the burden of due diligence is on the developer and service provider, rather than leaving it to the client to carry out their own research individually. This is designed to ensure that dubious developers and projects do not trap investors, and makes sure the right conditions are in place for the development to succeed.
However, the most important point of the legislation is that which allows foreign individuals to buy property in Vietnam for the first time. In order to qualify, buyers have to fall into one of five categories:
• Individuals who already invest directly into Vietnam, through some business or other concern
• Individuals who have contributed to Vietnam and have received an award from the State President or Prime Minister
• Individuals with a university degree who are working in certain defined sectors
• Individuals who are married to a Vietnamese person
• Non real estate businesses can buy property for their employees
In addition to these conditions, there are a couple of other constraining factors – the maximum length of lease foreign individuals can buy is 50 years, and the property can only be resold after 12 months of ownership. Freehold property for foreigners is not available, and is unlikely to ever be so in the future.
How about India?
Q.1. Who can purchase immovable property in India?
Ans. Under the general permission available, the following categories can purchase immovable property in India:
i) Non-Resident Indian (NRI)1
ii) Person of Indian Origin (PIO)2
The general permission, however, covers only purchase of residential and commercial property and is not available for purchase of agricultural land / plantation property / farm house in India.
Q.2. Can NRI/PIO acquire agricultural land/ plantation property / farm house in India?
Ans. No.
(Unless you are Indian you can NOT purchase property there)
China?
The legal aspects of property ownership in China are quite detailed. So much so in fact that it is impossible to list them all in this post. The new law has made it a lot harder for overseas investors to buy property in China.
5.) Ownership Costs
The cost of ownership could become massive if buyers were to lose their right to live in China while owing property. If legal battles ensue, they could lose their property in an instant.
Since the law is very strict, it might not be possible for an alien resident to keep hold of the property once they are extradited from the country for any reasons.
Iraq? Iraq is very hard to research because of limited and conflicting information but this may be a clue:
One of our members is offering to the network an opportunity to invest in Iraq’s future. Here is the initial proposal for your review.
We have acquired under rental agreement from the government 2 plots which are corner positions. The lease we have acquired can at a future date be converted into a 50 year term under the investment rules, adding further return on your investment as the sites will become more valued when companies want to have their Iraq HQ in the airport area.
And then I found this:
Overseas investment in Iraq could see a dramatic increase in 2011 as a Turkish state owned bank opens a branch in Northern Iraq and the government relaxes laws to encourage overseas property investors to the region.
Turkish state-run lender Vakıfbank is to open its first branch in Arbil, the capital of the Kurdish regional administration in northern Iraq. Vakıfbank plans to open the branch after seeing huge potential in Iraq.
Süleyman Kalkan, the financial institution’s director general explains. “The trade volume, which is more than $5 billion between the two countries, reveals the commercial potential of the region.”
The Iraqi government has passed legislation that permits overseas nations to own land for residential construction projects, while the actual planning process is to be simplified. Overseas property developers now have the opportunity to help rebuild Iraq which is in dire need of new homes. The opportunity is immense with a housing shortage in its millions. The country sees foreign investment as holding the key to alleviating the problem.
Philippines?
Compared to other countries, the Philippines still has a highly-regulated real estate industry. There are strict rules with regard to purchasing, owning, and investing in real estate and, by default, foreigners are not allowed to own property.
So there you go. The only country American investors are allowed to buy in is war torn Iraq out of all the nationalities mentioned in the article buying land here. This is NOT the 1600 or even 1700's. Come on...drag yourself into the 21st century. Grow up. Such a huge portion of Americans are just downright stooooopid.
And Txmom....I know you won't be able to find the 10 -15 high salaried careers (that you seem to think are so ample here) I was asking you to post so I'm done with you too. When you drag yourself into reality and get out more...let me know.
Rico...really
So ignorance and slothfulness must be bliss.
Go figure you can post a source without proper notation...no surprise that you cannot do your own research on job postings... Here is a hint...when noting from another source use the " tab on the bar above....fairly simple etiquette toward your reader.
You upset TXmom that I'm proving YOU wrong? Here's a tip...put can Americans buy investment property in XXXXXXXXX into the search bar and TADA like magic YOU can get your own results.
Friggin lazy Republican posers.......oh and I don't know where you get your check for planting Republican talking points in here but I KNOW you could tell us.
Not upset at all because I was chuckling at the fact that you so willfully choose ignorance instead of reading my response...just shaking my head right now...because, well you chose a UK real estate site to discuss Americans buying real estate elsewhere in the world....
Now if you choose to do less than 10 minutes of research on the topic you will find that Americans are sending baby boomer abroad in great numbers to purchase property and live in retirement...of course that is juxtaposed to China sending their wealthy pregnant women to America to give birth so their children can have dual citizenship.
If you are going to worry about foreigners....probably not to worry about those coming here legally, employed and purchasing homes to live and raise their families within an American community....probably should worry about those investing in property they do not intend to inhabit, foreign nationals seeking anchor baby status for their children, illegal immigrants who actually defraud their American born children by abusing their own child's SS#'s for jobs and credit, Illegal immigrants who will not assimilate within their community choosing to hide in plane site while promoting failed state values, and those who enter our country to promote criminal lifestyles.
Would someone mind telling me how the heck Cubans can afford any real estate in the US. All we are ever told is the country is a basket case, yet their people are able to save enough money to buy a house in Florida with cash?? Something is wrong with that picture.
The article says they are foreign born US residents. I presume they make their $ while they are here. Obviously they consider home ownership more important, i.e. 80% ownership vs 66% for the country as a whole.
No it doesn't say that. The article specifically states "foreign residents". If they are a foreign born resident of the US, yeah I get that. However, the article states they are foreigners living in those countries yet buying RE in the US. I think the article is mistaken and is probably how you described it. I cannot ever imagine Cubans in Cuba affording US real estate.
I thought the same thing - everyone else is poorer than us, until I found out that houses in Saigon cost more than here, and that the Vietnamese living in Vietnam are actually buying houses here. So get your head out of the sand.
I also wondered about Haitians purchasing American homes. The vast majority of that country is living far below the poverty level - it should invest in itself.
But wait, the same could be said about this country...
The foreign investors are not the weak and poor as some picture, many are the rich and powerful of their countries who want to be your landlord.
Obviously you have never been to South America and probably Florida. The people coming from those areas to buy property in America are not the small business owner but the upper class. Outside of South America Mexico has the most immigrants buying in America and I don't see the connection of it being such a wonderful place to live and work without job killing regulations in Mexico that they want to leave and come to a job killing country. Florida has no income tax but their property tax and insurance, if you can get it outside of the socialized government ran Citizens is very expensive. In Florida there is a transition, Floridians leaving and immigrants arriving.
Florida has been a money churn, decade after decade since it was created from a sandbar. It's the South East version of the gold rush, only there is no gold.
The United States has had a long history of foreign realistate investment, which I beleive has many negative influences. For some reason most people associate a rise in the housing market (i.e. overpriced homes) to a good economy and allowing foreign investors to buy American soil is one way to artificially inflate the prices, as creates demand besides taxes.
If the United States government stopped greedy realistate owners from selling out the American people by banning foreign investment in the housing market prices would lower (stabilize), and then maybe Americans could afford the homes. Then the American dream of home ownership could be realized by Americans not foreigners.
The government cannot ban those who are not citizens from purchasing property in this country. The U.S. Constitution applies to everyone who happens to be in this country, not just those who are U.S. citizens.
So what's realistate?
Legal and illegal aliens have rights as citizens do when it comes to the Bill of Rights and criminal law (trial by jury, double jeopardy, etc), however, certain constitutional rights are reserved for citizens like voting, political office, etc. Also, Congress has full authority over immigration regulation and proceedings. Immigration is administrative law not criminal. Therefore, Congress can pass laws affecting immigrants, that would never be consitutional for citizens. Congress could pass a law tomorrow saying that no immigrant can purchase RE in the US and it would stand. Period.
Foreigners typically come in when there are bargains like now, that helps set the bottom so we can recover faster. Believe it, they are doing us a favor.
U.S. real estate is probably a big bargain for people holding Euros - they want to convert them into something with actual value, and gold is very high right now.
It seems some of the posters "grumbling about FOREIGN investors" don't know their American History very well, such as how, when and more importantly WHO "settled" those colonies in the 1600's and 1700's?
The article doesn't mention anything about those "foreign investors" that came here in the 1600's?
Obviously... those "foreign investors" continued to come right up to this very day? If it wasn't for "foreign investors", hardly ANY of us would be here?
The #1 reason mostly all of our ancestors came here was to "INVEST in a better quality of life" than they had in whatever country they came from.
Fortunately for all of us, "settlers" keep coming to America from most every other country in the world.
Keep in mind, "those investors" are coming TO the USA... but they are LEAVING Europe, Asia, Africa, South America and Mexico. These are the same people that have always brought that "foreign blood" that constantly brings New Hopes, New Dreams, New Ideas and New Energy, along with LEGAL DOCUMENTATION to prove that they are in the USA legally, while the "biggest whiners specialize in complaining" are those who were fortunate enough to be BORN in the USA. Instead of "seizing opportunity through hard work and struggle like the foreigners always do", these "Born in the USA folks" just whine and complain.
These foreigners KNOW something that many Americans forget... in spite of all of our problems, AMERICA is still the place everyone comes to to enjoy a better quality of life.
We owe these "foreigners" a "closer look" because they represent the exact same qualities that our ancestors represented when they landed here.
The day they "stop coming" that's the day we should 'begin to worry", but not now.
Only an ignorant fool would suggest otherwise.
Speedy,
Nice speech full of conviction, fire and brim stone, very inspirational. However, I would like to address a couple things you stated in this dialogue of yours. For one Primarily the discussion is about foreign investors, not foreign-born USA citizens.
Foreign investors do have long history with the United States, for good or for bad. One should realize that there presence in the market elevates real estate prices; it's simple supply and demand economics. In my opinion having negative effects upon many native and foreign-born U.S. citizens who cannot compete economically for homes with these foreign investors.
Another is that most of the settlers that sailed the ocean blue in 1620 on the Mayflower were not the financial investors. The capitol was mostly floated by English business men, many who never set foot on American shores."
One last thing, please refrain from insulting people by referring to others as ignorant fools, if you can. This discussion board a place for people to freely share their opinions respectfully with one another, not a place to vent hostilities and insult people.
Thank you,
I think you guys are nuts. I'll take as much foreign investment as we can get. I'm tired of all of our money flowing out of the country. It's nice to see some places where the flow is the other way. Keep in mind one thing. None of us really own our land. We just rent it. See what happens when you try to do anything that isn't allowed on it or quit paying your property taxes.
You can't build them for what you can buy them for now plus the dollar is in a downward trend which makes the home value even better.
I'm waiting for the Chinese government to start buying up real estate in this country - particularly when our bankrupt government has to sell them federally held lands to forgive debt.
I was thinking that myself. Real estate would pay much better than 2% on t-bills. They China could be our landlords too!
Ya it's so good, that even though I just bid on a house that was owned & rejected by BAC even though my bid was 20% higher than what it finally went at auction (presumably by some wealthy or foreign investor) instead of selling to a family with outstanding credit. How is that going to help the middle class & the housing market?
So, why didn't you go to the auction? YOU could have bought the house for less also.
Likely, the house was bought by an individual American investor or someone working on behalf of a group of wealthy Americans (doctors, lawyers, accountants), both types of whom are buying up alot of homes and renting them out waiting for the next upturn.
What is going on with our country ? There was a time (not that long ago) when your neighbor was a tax paying, law abiding citizen. Now, when you go anywhere, and I mean anywhere, you run into people that don't even speak English.
Can foreigners really buy real estate, live within it, and not retain citizenship ? Can one stay in this country indefinitely with a green card ? Seriously. JMJ
Yes they can, as we can in numerous other countries. There are tons of US ex pat's living all over the world. Watch "House hunters international" and get an entertaining education.
welcome to the U$A inc.
As a single parent in the late 80's, early 90's working FT, having painstakingly maintained excellent credit for years with hopes of someday owning a home for my family--was very discouraging to learn that the best options were available to foreigners only. This was in central valley area of California. Now, right at the top of the list of the worst in the country. Just glad I left when I did.
Foreign investors are buying because foreign banks are lending, unlike ours, who have gone out of their way to make the process as difficult as possible, because their greed got the better of them once, and they're afraid _we_, the borrowers, will allow it to happen again - except _we— didn't have anything to do with it in the first place... but we were there with hundreds of billions in tax dollars to ensure they'd be able to pay the bonuses they promised on mortgages they already knew weren't worth the paper they were printed on in the first place, so we're punished for their mistakes. Isn't Profitism (what we pass off as free-market capitolism) great?
Maybe there is a future for displaced Americans in this scenario. We can become brokers for foreign investors and arrange financing for homes, cars, businesses, and other capital investments with foreign money. If our government can sell our country as collateral on loans, it holds that the people should have the same opportunity to buy with the entity serving as its own collateral. Properly structured (that meaning washed through an offshore bank in the Caymans like the big boys do), this could be quite profitable and beneficial.
Foreign banks are in as much trouble as American banks. And no bank, anywhere would give a person cash on a loan for a house without being involved in the mortgage process, transactions like these are always done between lending institutions. The article says that foreign buyers come with cash which means they are not using loans to purchase the homes. And if they have the credentials to get a personal loan for the amount of a home purchase, without telling the bank they are purchasing a home, then they are the 1% of the rest of the world, not equal to average Americans.
There's nothing like a global economy!
Odd. Our own people can't afford to buy a home because of a lack of money or credit, yet these foreigners get off the boat with enough money to buy a home. That seems to contradict the argument that these people are coming to the US for a "better life." It appears they are arriving in better shape than those who are natives in this country. I don't find it surprising that foreign investors are buying up American real estate. That seems to be the only thing left that they haven't bought.
A little common sense please. These are not the same people streaming across the Mexican border, they are the affluent from around the world, shopping for bargains.
There was a big to do about Japanese buying up everything in sight a few decades ago. They ended up losing their shirt when their economy tanked and many had to sell below cost. The movie "Rising Sun" played on the Japanese hegemony theme, great flick.
It makes sense for the Chinese to buy here. They can effectively move here with their MANY relatives and live a better life with clean air and water (they are running out of both in China). The effect will be potentially millions of them moving here and of course getting resident status compliments of Obama's group. This may sound far fetched but I would bet big money that this will happen. And then who do you think will control our country.
You need to do a little research, their youth have become us. They can afford the two cars, the house in a gated community, the color TV's, etc. They eat KFC, McDonalds, they have switched from gold to diamonds as symbols of wealth. Their middle class is now bigger than our entire population.
Check this out if you don't believe it! http://www.google.com/search?q=China+traffic+jam&hl=en&rlz=1I7DKUS_en&prmd=imvns&tbm=isch&tbo=u&source=univ&sa=X&ei=V7UQT_PzOuHRiALamqSQBg&ved=0CE4QsAQ&biw=1600&bih=777
"It makes sense for the Chinese to buy here. ... And then who do you think will control our country"
The ones with the money Sarg - Chinese or not - just like now.
I always wanted to buy a little farm and work it in Pa.Now that chance may never come. All the down payment I could ever save would not be enough. What do we stand for anymore, the USA is becoming an abstract outdated idea. No principles, no history to take pride in, nothing. What is our Union now, what are our hopes and dreams for our children. Are we to be serfs? Are we to be lessors forever without a chance of a good life, while our rich and now the world's rich ignore and laugh. Who are we becoming?
who are you asking?
"fruity" I am sure certain Greeks and Romans felt the way you do now. With all due respect, if you do not like the new world order do something about it. "Sarg" yeah it's all a Chinese conspiracy! I remember when the Japanese were taking over our country back in the 80's and early 90's......all the alarmists and guess what nothing! We still speak English...or Spanish. Just enjoy your lives you may have something to really whine about if you live in some backwater village in Asia, South America, China, Africa, or fill in the blank. What most of you are saying is with all the bleesings and benefits I have been given...it's not enough "I want a guaranteed successful and comfortable existence." I have no idea how old some of you are but ALL OF US are going to have to adapt and fight for everything we have anymore....get used to it.
Welcome to Pottersville, USA.
When you're shopping quotes from lenders, beware of points that they'll try to impose on your refi. Each point is a fee of 1% on the amount you borrow. I worked with 123 Refinance search online for them. I would strongly recommend them since they got me 3.24% rate on my mortgage refinance.
Who cares about Foreign Housing Investors?? With nearly 4 Million Housing Foreclosures in the Pipeline owned by American Citizens... Man, that Out-Sourcing of Jobs, was a Huge Hit here in the USA. Leave it to the Dinosaur "Whore" Press-ta-tut-es, of the mainstream media, to try and paint a pretty picture of the Housing Industry!! It's like a Poop-Cake... looks tasty on the outside, but tastes like pure Crap!! Ciao
The United States will be a "Third World Country" in less than 20yrs, if nothing is done, to stop the process of Americans losing their Homes. This is a planned implosion of America, by the NWO. Ciao
so if i take more than $10,000 out of or into the united states, i have to pay a hefty 33% tax. yet foreigners who bring money into the united states are exempt from paying any taxes!!! it's just plain stupid!!! that's why foreigners are able to buy buy buy...in cash! who knows where that money is coming from!!!
Stop mixing drugs and alcohol. An American can wire transfer a Billion dollars to most any country in the world - no taxes, fees or penalties. There would be paperwork, but that's it.
Foreigners aren't bringing in GREENBACKS. The article is using the term "cash" as in no mortgage.
Unfortunately, you're obviously an American.
Boy this is certainly good news for all Americans who first lost there jobs to overseas investors, and now they can lose their reprocessed homes to them also ! that's just great !!!!!
Mexicans are #1 Foreign buyer in the USA! While right wing evangelicals preach their 1800s bigoted racist contemptuous non-cents, Mexico grows forward into a 21st Century 1st world country. The middle classes in Mexico are growing much faster than in USA yet silly fools in USA still live in the past failing to compete. Losing is a hard way to learn but when one is blinded by arrogance, so be it...learn the hard way suckers! Viva Mexico!